Exports from the chemical and pharmaceutical sector have risen to £8.8 billion, a 54 per cent increase in the last two years, and now account for 25 per cent of total Irish exports.

According to the Irish Pharmaceutical and Chemical Manufacturers' Federation (IPCMF), the numbers employed in the sector now total 20,900, up from 18,600 just 18 months ago.

"The life blood of a successful pharmachem sector is investment in new products and processes. We are seeing a lot of this taking place in Ireland at the moment which bodes well for the long-term security of the sector," the federation's chairman, Mr Pat Bowen, said.

He told the annual meeting that a continuation of Ireland's competitive rate of corporation tax and the continued supply of skilled labour and graduates were key factors in helping growth in the sector to continue.